This is an unedited statement issued by Transnet statement:
Firstly, Transnet wishes to bring to your attention that Fitch Ratings Agency is not an official rating agency of Transnet, thus, uses publicly available information to perform a desktop rating analysis of Transnet. As such, they are not privy to any updated information that may not yet be published.
Furthermore, they do not engage with Transnet management as would be the case with official rating agencies of Transnet, to clarify, understand and discuss any strategies contemplated by management, challenges experienced and plan to manage these.
Secondly, according to Fitch Ratings analysts, the recently published report was not as a result of an analysis and or evaluation done on Transnet as would be the case with the annual publication done by Fitch on Transnet, but, rather a revision based purely on the Sovereign downgrade.
Thus, the revision was not based on Transnet’s performance on a stand-alone basis, but on an inherent fact that it is a state-owned company (SOC).
It is, in Transnets opinion, important that Investors note that Transnet is officially rated by Moodys Investor Services and Standard & Poors and should rely on their rating reports.